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Aluminum September 23, 2021 12:35:35 PM

$18 Million Investment to Restart Shuttered Aluminum Plant

Paul Ploumis
ScrapMonster Author
Chance Aluminum has already been allocated a state grant amounting to $500,000, in addition to $ 3 million worth loan from the Pennsylvania Industrial Development Authority.

$18 Million Investment to Restart Shuttered Aluminum Plant

SEATTLE (Scrap Monster): Chance Aluminum, belonging to Florida-based Asian American Metals Inc. (AA Metals Inc.) announced that it will invest $18.5 million to bring into operation a full-fledged integrated aluminum rolling mill at the Williamsport site formerly owned by JW Aluminum.

The company expects to add around 100 jobs over a period of one year. Upon full operations, the new facility will produce aluminum foil and other alloy coils and will turn out to be the primary domestic supplier for AA Metals Inc. It expects to generate revenue exceeding $100 million by 2022.

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Chance Aluminum has already been allocated a state grant amounting to $500,000, in addition to $ 3 million worth loan from the Pennsylvania Industrial Development Authority. It will receive a state grant of $100,000 to help with employee training. Also, the company will receive tax credits related to manufacturing.

Dr. Jack Cheng, President and CEO, Chance Aluminum and AA Metals noted that the new investment will result in increased product capacity, expanded market reach and diversification of operations. The possession of domestic mill is in line with its sustainable growth strategy, he added.

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